Top 10 States To Retire

Top 10 States To Retire – A qualified expert reviewed the content on this page to ensure it is factually accurate, meets current industry standards and helps readers gain a better understanding of retirement topics.

APA Simmons, C. (2023, May 24). The best and worst states to retire in. , Retrieved November 1, 2023, from https:///retirement-life-leisure/best-and-worst-states-to-retire/.

Top 10 States To Retire

Research shows that most Americans expect to stop working by age 62. Combine this with the fact that one-quarter of the country’s labor force is projected to be 55 or older by the year 2030, and it becomes clear that a significant proportion of the American population is waiting for their dream retirement.

What Are The Best Us States To Retire In?

In an effort to make the perfect retirement a reality, we conducted a data study ranking all 50 states to identify the best and worst states for retirement in 2023.

To calculate these rankings, we used 13 different metrics across three categories – health, housing and quality of life – drawn from publicly accessible databases to rank all 50 states. Each data point measured by our research represents an important element of retirement life:

Our findings show that two completely different states emerged at the top and the bottom. From popular sunny beaches to isolated snowy forests, the rankings below provide insight into finding the perfect location for your retirement.

The top five states on our list span the entire country and offer a diverse range of outdoor activities, beautiful landscapes, and overall quality of life.

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The top spot on our list goes to the tropical paradise that is Hawaii. The island state earned a high spot in the ranking for having the most temperate climate in the US, with an average daily temperature of 76.7ºF last year. With strong performance in both health care access and quality, the U.S. It was also cited by News & World Report as having the best health care in the country. And the Community Well-being Index ranked it the second happiest state in the country.

Even though residents in Hawaii live longer than anywhere else in the US, the state is not without challenges for retirees. It offers the highest cost of living of all 50 states and one of the worst rates in cost-burdened housing. The U.S. Department of Housing and Urban Development defines cost-burdened housing as one where residents pay more than 30% of their income for housing. This issue may be partially mitigated by the fact that the average total retirement income per capita for every Hawaii resident over the age of 65 is the sixth best in the nation at $19,080.61.

The state of Utah comes in at #2 on our list with a low poverty rate (7.4%) and solid rankings in health care (#11) and community well-being (#10). On average, people in Utah are estimated to live to be 78.6 years old – which is the longest in the U.S. It has the ninth best life expectancy in the United States. Therefore, it is beneficial that Utah also offers the nation’s fifth lowest average monthly cost for assisted living services at $3,500.

The Sunshine State has the second-highest proportion of adults over the age of 65 in the country, making up 21.3% of all Floridians. Warm temperatures year-round, last year’s average of 72.6ºF, are second only to Hawaii. Florida ranks respectably in the middle of the pack for several other key factors like life expectancy (#19 rank), health care (#25), mental health care (#25) and cost of living (#30). The state also has the honor of ranking #1 on our list of the best states for military retirees.

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Arizona’s hot desert climate helped land the state the #4 spot on our list for retirees. The state’s statistics are good when compared with other states. Arizona health care is ranked #21 and the overall Community Well-being Index ranks it 25 out of 50. The state’s total retirement income ranked #23 at $16,158.08, which is significant because the state’s average monthly assisted living cost is approximately $4,000.

The cool weather found in Wisconsin shouldn’t deter retirees from considering it an ideal location. Mental Health America recognized it as having the second-best mental health in the country, based on low incidence of mental illness and high rates of access to care for adults. Ranking in the top 30% for both overall health care and average age of life expectancy, Wisconsin offers plenty of attractions for retirees. The state also has a good proportion of older adults, with people over the age of 65 making up 18% of the population.

Learn how we determined the best and worst-case scenarios for retiring, and expert tips for your retirement move.

A variety of factors may be important in your retirement planning process in addition to the factors we reviewed for this study. We spoke to experts from across the country for some additional tips on factors to consider.

The Best Places To Retire

Doug Carey, owner and president of WealthTrace in Indiana, has 28 years of experience in the finance industry. He explains the importance of reviewing the tax policies in each state:

“For most people this is a big factor when they decide which state to live in. There are four states that do not tax retirement income. They are Hawaii, Illinois, Mississippi, and Pennsylvania. Several other states do not tax some Retirement and pensions exempt income. And most states exempt Social Security benefits. Additionally, the following states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Tennessee, Washington, and Wyoming.

But it’s also important to note that many states with low income tax rates compensate for this with higher estate taxes. So it’s wise to take all taxes into account before deciding where to go in retirement.

Retirement planner Andy Gerhartz, partner at Bridge the Gap Retirement Planners in California, also offers an important reminder about estate taxes:

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“If you are or plan to become a homeowner in retirement, make sure you understand the property tax situation of the particular state you are interested in. Property tax rates vary greatly in this country, and it or So there may be an area of ​​savings or a larger annual expense depending on where you live. Even if your mortgage is paid off, property taxes don’t go away. Make sure it’s within your budget.

Given that 91% of Americans are unaware that Medicare premiums are tax-deductible, it makes sense to take the time to better understand the tax implications of relocating to another state.

Colorado-based investment advisor Kevin T. Taylor is managing partner at Insight. He encourages retirees to think about access to critical medical care:

“It’s no surprise that aging comes with health concerns. But financially speaking, it is important to know that wherever you retire, routine and emergency medical treatments will be available in a timely manner. The usually unaccounted hours of driving to see a specialist add up to costs, and unfortunately this can result in people having to forego necessary medical treatment. Keeping track of where you get your medical treatment is as important as knowing if you are covered by insurance for treatment.

This Is The Best State To Retire In

Bill Raze, a chartered financial advisor at Fiona of Tennessee, suggests paying close attention to the health insurance question when considering a move:

“You will need more medical care in your retirement than before, especially if you have underlying conditions. Therefore it is very important to consider health insurance and its cost. For example, if you are planning to retire early, you may not be eligible for Medicare and will need to obtain health insurance coverage until age 65. Generally, the cost of health insurance will vary depending on the state. So choose a state where the cost of health insurance is affordable for you.

With over 30 years of financial advising experience, financial coach Michael Ryan of MichelRyanMoney.com shares a simple but important tip:

“Retirement is a great time to spend more time with loved ones. If you have family or friends spread out across the country, consider choosing a retirement location that is centrally located so you can easily visit them.

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“I think a lot of people plan for retirement based on financial considerations. But one of the biggest regrets cited by retirees is not spending enough time with the people they care about most. Start first with the people you love – children, grandchildren, close friends and relatives. Where do they live? How often would you like to see them? It may make sense to live in the same state as your significant loved one, or be close enough to drive or have a short flight to visit.

Also, pay close attention to how you like to spend your time. Do you like outdoor adventures? Do you enjoy the energy and activities found in a large metropolitan area? Do you like a quiet life on your own land? Whatever your preference, you’ll want to live in an area where you can easily do the things you love most. You’ll find more satisfaction in retirement if you live in an area where it’s easy to stay active and engage in the things that matter most to you.

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